Stellar has made a significant advancement in its blockchain technology with the launch of Protocol 23, which promises to enhance its competitive edge in the cryptocurrency market. The report highlights positive developments indicating that this upgrade could attract more users and investors to the platform.
Reduction of Smart Contract Fees
The newly implemented Protocol 23 has successfully reduced smart contract fees by around 70%, making it more cost-effective for developers and users alike. This reduction is expected to encourage more projects to build on the Stellar network, potentially increasing its adoption and usage.
Expansion of Fiat On and Offramps
In addition to the fee reduction, Stellar is expanding its fiat on- and off-ramps, now boasting coverage of over 500,000 locations globally. This expansion is crucial for facilitating easier access to cryptocurrency for users, particularly in the remittance and cross-border transfer sectors.
Strategic Enhancements for Market Positioning
With these strategic enhancements, Stellar is positioning itself as a formidable player in the cryptocurrency landscape, aiming to capture a significant share of the remittance market by 2025. The combination of lower fees and broader accessibility could make Stellar a top choice for users looking to engage in cross-border transactions.
